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Terrific Computer Systems Ltd. Balance Sheet Year ending December 31, 2021 ASSETS Cash 6,520 Office supplies 1,045 Prepaid insurance 800 Inventory 2,750 Accounts receivable 3,525
| Terrific Computer Systems Ltd. | |||
| Balance Sheet | |||
| Year ending December 31, 2021 | |||
| ASSETS | |||
| Cash | 6,520 | ||
| Office supplies | 1,045 | ||
| Prepaid insurance | 800 | ||
| Inventory | 2,750 | ||
| Accounts receivable | 3,525 | ||
| Prepaid rent | 650 | ||
| Deferred revenue | 1,280 | ||
| Equipment | 65,350 | ||
| TOTAL ASSETS | 81,920 | ||
| LIABILITIES AND EQUITY | |||
| Interest payable | 1,250 | ||
| Salaries payable | 2,500 | ||
| Accumulated depreciation | 12,570 | ||
| Note payable (due in 2022) | 18,000 | ||
| Accounts payable | 1,455 | ||
| Income tax payable | 950 | ||
| Dividends | (3,000) | ||
| Retained earnings (INCORRECT!) | 28,655 | ||
| Profit | 7,540 | ||
| Owners capital | 12,000 | ||
| TOTAL LIABILITIES AND EQUITY | 81,920 | ||
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Financial And Managerial Accounting For MBAs
Authors: Peter D. Easton, John J. Wild, Robert F. Halsey, Mary Lea McAnally
5th Edition
